Question

Explain Money back policies with the help of an example.​

Answer 1

Explanation:

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Take for example, person A purchases a money-back plan of Rs. 10 lakh for a tenure of 25 years and pays the premiums regularly. The plan promises survival benefits worth 2% after every 5 years of the plan, and on maturity 20% of the sum assured is paid along with the added bonuses. Thus, A receives Rs.